Top End Suburbs Stay On Top
Interestingly, alongside the regional markets of Australia, expensive suburbs with median house prices of over $2 million are also continuing to see price growths within the market.
The top ten of suburbs seeing house price growth consists of a mix of beachside suburbs in Melbourne and Sydney, as well as traditional blue-chip suburbs, with Collaroy in Sydney’s Northern Beaches hitting the top of the list at a 3-month price growth of 10%.
Other suburbs in the list include Woollahra, Rose Bay, Balgowlah, Lindfield, South Coogee and Clovelly in New South Wales, as well as Portsea and Middle Park in Victoria.
This growth can be attributed to the low levels of job loss amongst high income earners, a significant increase in savings rate, low interest rates, record levels of government stimulus and a concentration of risk in high development apartment markets, shifting interest in quality houses and lifestyles instead.
The predictions surrounding the fall of the market approximated a 10-30% drop in house prices, based on the predicted impact of employment loss, however this prediction did not take into consideration where the job loss will occur – which has been evident in young Australians, determining the rather resilient nature of the housing market.
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